LONDON – Tesco, one of the world’s largest food retailers, has suspended three more executives as it investigates why its half-year profit was overstated by 250 million pounds ($407 million).
The company said Wednesday that eight executives had now been swept up into the probe. In a statement, the company says the three were asked to step aside “to facilitate the investigation.”
An update will be provided when earnings results are released Oct. 23.
The scandal has deepened the financial troubles of the company, which has struggled to compete with low-cost rivals in a supermarket price war. It has issued a series of profit warnings, and its stock price has fallen by about 50 per cent in the past year.
The Financial Conduct Authority and the company are both looking into the matter.